The Trump administration is reportedly weighing new candidates for the CFTC Chair role, with a focus on individuals who are working on crypto policy. This comes amid the current nominee Brian Quintenz’s conflict with Gemini’s co-founder, Tyler Winklevoss. This is significant as the CFTC, along with the SEC, is the primary regulator for the crypto industry under the proposed CLARITY Act.
Trump Mulls New CFTC Chair Nominee
According to a Bloomberg report, the White House is considering additional candidates to lead the Commodity Futures Trading Commission, as the confirmation process for Quintenz stalls. Potential candidates for the role include government officials who are working on crypto policy.
This includes Michael Selig, who is a chief counsel to the SEC’s crypto task force. Tyler Williams has also emerged as a candidate for the CFTC chair role. He is currently a counselor to the U.S. Treasury Secretary Scott Bessent on crypto policy.
The confirmation process for Quintenz as CFTC chair has been rocky, with the White House asking the Senate Agriculture Committee, which supervises the CFTC, to pause the vote on his nomination. According to the report, this came after Tyler Winklevoss asked Trump to stop or delay the process for Quintenz’s confirmation.
Notably, the Winklevoss twins have played a crucial role in ushering in this pro-crypto administration, having donated to the U.S. president’s campaign last year. The Gemini co-founders have also continued to back Trump’s crypto push, recently donating $21 million to pro-crypto Digital Freedom Fund PAC.
Earlier this month, the CFTC chair nominee Quintenz said in an X post that he believes that Trump might have been misled. He further posted messages that included Tyler Winklevoss’ questions regarding his prior litigation with the CFTC. Quintenz further remarked that he looks forward to continuing to support the U.S. president and his agenda in whatever capacity he can.
The CFTC’s Role In Regulating The Crypto Industry
The saga around the next CFTC chair has been of crucial importance to the crypto industry, as the commission will play a critical role in regulating the crypto industry under the proposed crypto market structure bill (CLARITY Act).
Notably, the CLARITY Act expands the role of the SEC and the CFTC in their oversight over the industry. It is also worth mentioning that whoever emerges as the commission’s chair will likely, for some time, serve as the sole person on the commission’s board.
Acting CFTC chair Caroline Pham is the only one of the commission’s board following a series of resignations. Meanwhile, she has also indicated that she plans to resign once the Senate confirms the new chair, with reports that she will be joining crypto firm Moonpay.
In the meantime, Pham has ensured to advance Trump’s pro-crypto agenda in providing regulatory clarity for the crypto industry. The SEC and CFTC plan to host a roundtable on September 29 to harmonize their regulatory frameworks for the industry.
Both agencies also opened the door to spot crypto trading on regulated U.S. exchanges. Meanwhile, the CFTC is working on a framework that could allow U.S. traders access to offshore exchanges.
Source: https://coingape.com/trump-considers-new-cftc-chair-pick-amid-brian-quintenz-clash-with-winklevoss/